The number of claims of creditors had further risen from 5,380, and more than twenty investors showed their interest in participating in the restructuring – so much was already leaked before the audit meetings for the three KTM companies. The debts of KTM AG are on the table for the time being: around 2.2 billion euros.
On 25 February, the creditors of KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklung GmbH will vote on the restructuring plan of the insolvency of the motorcycle manufacturer. By that time, all the facts must be on the table at the latest about what the rescue of the company from Mattighofen (Opper-Austria) will be like, but also what the future could look like.
The fact is: since the restructuring process with self -administration was started, a lot of work has been done behind the scenes to find a feasible solution. Citibank also provided renowned support for the search for investors, who has already paid off. More than twenty investors – national and international – reported because they wanted to participate in the restructuring of the global brand. Pierer Mobility AG also confirmed various financing offers, shortly after the parent company of KTM announced that owner Stefan Pierer handed over the chairman of the board to Gottfried Neummeister.
During the audit meetings on Friday in Ried IM Innkreis, the restructuring managers Peter Vogl (KTM AG), Robert Tremel (KTM Components GMBH) and Franz Mitterbauer (KTM Forschungs & Entwicklung GmbH) will be reported or also about the financial plan of the planned restructuring.
“Many international creditors”
After the audit conversation there was a first clarity about the status of the debts. The claims against KTM AG amount to around 2.2 billion euros. So far, around 1.6 billion euros has been recognized.
The creditor protection associations expect the claims to continue to rise until the meeting of the restructuring plan on 25 February. “There are many international creditors. We still have questions. There will certainly be some late messages, “says Petra Wögerbauer of the Credit Protection Association of 1870 in Linz.
The intention is that production will be restarted on March 17
Even before the exam meetings it was clear in recent days that the situation at KTM had stabilized. The salaries and wages have been secured for January and the liquidity should be insured by the end of February. The first steps have also been taken to resume production, which will be stopped until the end of February and will be restarted on 17 March: conversations have started with suppliers about which capacities are needed.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
